IRS 2009 IRPAC Report

The Information Reporting Program Advisory Committee (IRPAC) released the advisory group’s 2009 recommendations on a wide range of tax administration issues.
Key recommendation were -

• Creating a new form and modified rules on information reporting of payments made in settlement of payment card and third party network transactions.
• Providing guidance on tax information reporting and withholding.
• Reporting of customer’s basis in securities transactions.
• Creating online Form W-4 instructions for non-resident aliens.
• Withholding on certain payments made by government entities
• Providing additional guidance to government entities that must comply with the withholding provisions.
• Permitting payers to issue payee statements showing only the last four digits of a payee’s TIN.

Source: http://www.irs.gov/